Categorized | National News

BAHA MAR ACQUISITION COMPLETED

Chow Tai Fook Enterprises Limited (CTFE) has completed the acquisition of Baha Mar, the premier integrated resort destination located on Cable Beach.   CTFE is a leading global conglomerate with a diversified business portfolio, and its affiliates, are now the sole owner of Baha Mar.  The Company announced yesterday that Baha Mar has received its permanent certificate of occupancy.

CTFE announced its agreement to purchase Baha Mar from Perfect Luck Investments Limited in December 2016 and committed at that time to the successful and timely phased opening and operation of Baha Mar. CTFE has since fulfilled its commitment; opening Grand Hyatt Baha Mar, Baha Mar Casino, ESPA Baha Mar, The Performing Arts & Convention Center and Royal Blue Golf Club & Course as part of phase one in April 2017.  CTFE completed phase two upon the opening of SLS Baha Mar and various restaurants in November 2017.

“Today is the culmination of our efforts to purchase and open this spectacular resort destination,” said Graeme Davis, President, Baha Mar. “We have exciting plans and I am immensely proud of the progress our team has made over the last year.  Baha Mar currently employs 3,500 Bahamians.  We anticipate increasing the number of Bahamians employed at Baha Mar to over 5000 associates by the end of 2018. We project that Baha Mar will contribute 12% to the GDP of The Bahamas in future years.  To advance our plans to grow employment and spur economic growth in The Bahamas, on November 1st, we launched Life Spectacular, a multi-million dollar marketing and advertising campaign to global audiences..

CTFE brings extensive hospitality, resort and mixed-use development experience to Baha Mar. As owners of Rosewood Hotel Group, CTFE owns and operates some of the world’s most iconic hotels and resorts.

The announcement stated that Rosewood Baha Mar is on track to open as part of phase three in Spring 2018, ushering in the grand opening of Baha Mar.

Baha Mar is a master planned integrated resort development owned by Hong Kong-based conglomerate Chow Tai Fook Enterprises Limited (CTFE). The beachfront destination includes three global brand operators – Grand Hyatt, SLS, and Rosewood – with over 2,300 rooms. Additional amenities include [40]  restaurants and lounges, the largest casino in the Caribbean with over 100,000 sq. ft. of gaming space, a 200,000 sq. ft. convention center, an 18-hole Championship Jack Nicklaus Golf Couse and Golf Club, the first ESPA flagship spa in the Caribbean, and over 30 luxury retail outlets.

Written by Jones Bahamas

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